Director Moy to testify

[car10]

United States Mint Director Ed Moy to Testify about Reducing the Cost of Producing Nation’s Coins


United States Mint Director Ed Moy has been invited to testify before a House Financial Services Subcommittee Tuesday about legislation that would authorize the U.S. Department of the Treasury and the United States Mint to change the content of coins in order to save taxpayers hundreds of millions of dollars.

The subcommittee hearing on "H.R. 5512, the Coin Modernization and Taxpayer Savings Act of 2008" will be at 2:30 p.m. on Tuesday, March 11, 2008.

WHAT: Testimony of United States Mint Director Ed Moy (http://www.usmint.gov/about_the_mint/index.cfm?action=directors_office) before the House Financial Services Subcommittee on Domestic and International Monetary Policy, Trade, and Technology

WHEN: Tuesday, March 11, 2008, 2:30 p.m. ET
WHERE: 2128 Rayburn House Office Building

Contact: Press inquiries: Becky Bailey (202) 354-7222 Customer Service information: (800) USA MINT (872-6468)

[snowman]

isnt the mint treated like a company to make $$$ and i mean make money instead of looking out for the taxpayer -dont they mean the treasury department

like each coin that is lost, kept or that is saved in a collection - doesnt the mint makes a small profit to replace that coin that is not spent

isnt this what the mint wants and the main idea behind the state quarter program & other programs - i heard once they make 15-18 cents for each quarter made & 90 cents for each dollar coin made ?

[car10]

like each coin that is lost, kept or that is saved in a collection - doesnt the mint makes a small profit to replace that coin that is not spent

True, but only if it cost them less to make the coin than its face value do they realize any seniorage(profit).
That is not the case right now with the current composition of cents and nickels. Go to www.coinflation.com (http://www.coinflation.com) to see the metal content value of current and past coin compositions. And those prices don't take into consideration distribution costs which are rising as fast as everything else(except our wages).:sad:

[CCC]

True, but only if it cost them less to make the coin than its face value do they realize any seniorage(profit).
That is not the case right now with the current composition of cents and nickels. Go to www.coinflation.com (http://www.coinflation.com) to see the metal content value of current and past coin compositions. And those prices don't take into consideration distribution costs which are rising as fast as everything else(except our wages).:sad:


I agree, the price of transportation, the rise in postal prices and let alone the prices of metal today. I would think by what I've read that the metal content of the Cent and Nickel will change in the near future. If they keep them.

CCC

[snowman]

i havent seen anything on what was said today by Moy - im not surprised if they want to change the composition for cents and nickels

i bet Jarden Zinc company in TN will not like the news if this happens - i'm not sure who makes the metal rolls for nickels

i read the coinflation.com every day and keep up on the prices and read most of the articles

[Wheat Cents]

I think it is inevitable... the penny first then the nickle...

When ? who knows..

[snowman]

has any news come forth from Moy's hearing ??

[car10]

has any news come forth from Moy's hearing ??
I missed it. I was totally engrossed in doing my taxes and spaced it. I haven't heard any news about any new developments as a result of his testimony.

[snowman]

it looks like copper coated steel cents in the future - i havent heard anything on the nickel but will probably be the same - steel or maybe steel clad

here is a link on the topic

http://forums.collectors.com/messageview.cfm?catid=26&threadid=645153

[snowman]

here is link to a link about Moys testimony about changes to spare change
(does that make sense !!!) :LOL_Hair:

http://www.cointalk.org/showthread.php?t=34844